Vietnam on track to realize 8% GDP growth target this year: PM

THE HANOI TIMES — Vietnam could achieve its economic growth target of over 8% set by the National Assembly with the current growth momentum, Prime Minister Pham Minh Chinh said at the “Vietnam Private Economy Landscape” (ViPEL) program on October 10.

The prime minister described the country’s growth potential as reflecting the Vietnamese spirit of “the greater the pressure, the stronger the effort.”

In the third quarter, national GDP grew 8.2%, bringing nine-month growth to 7.85%. According to the General Statistics Office, GDP would need to rise 8.4% in the fourth quarter for the country to reach its annual growth target of 8%.

In the first nine months, state budget revenue nearly met the full-year target. Total revenue this year is expected to exceed the goal of VND2,000 trillion (US$80 billion) by about 25%.

“The surplus of VND500 trillion ($20 billion) can be used for major national programs and to strengthen social welfare,” he said.

Chinh emphasized that setting ambitious goals motivates the Vietnamese people to act more decisively, go beyond their limits and drive faster for stronger growth, particularly in science and technology, innovation and the green and digital economy.

To the private sector, the government leader reiterated a spirit of “three togethers”: sharing the same mindset and vision, working and benefiting together and winning and developing together.

He called on private enterprises to align their growth goals with national development objectives. Specifically, Vietnam aims to become a modern, industrialized, upper-middle-income country by 2030 and a high-income country by 2045.

Chinh also encouraged private businesses to take the lead in patriotic and innovation-driven movements. “Each enterprise and entrepreneur should create at least one measurable product every year that contributes to a prosperous nation and the happiness of its people,” he said.

At the event, ViPEL representatives presented to the prime minister several major challenges and growth opportunities across key sectors, along with proposals for new public–private initiatives under the spirit of “joint nation-building.” For example, they formed the Low Altitude Economy (LAE) Alliance, comprising ten enterprises, research institutes and universities in emerging technology fields.

Businesses in infrastructure and competitive industries proposed a plan to develop a global maritime center in Ho Chi Minh City with an investment of $20 billion, alongside an offshore wind project in southern Vietnam, aimed at advancing logistics and energy capabilities while strengthening the nation’s strategic position.

Another proposal focused on providing free healthcare services to all 100 million citizens through a public–private collaboration model, envisioned to bring “smiles and happiness” to the Vietnamese people.